Navellier & Associates Inc. Purchases 17,061 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

Navellier & Associates Inc. lifted its position in Paymentus Holdings, Inc. (NYSE:PAY) by 24.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 86,524 shares of the business services provider’s stock after purchasing an additional 17,061 shares during the quarter. Navellier & Associates Inc.’s holdings in Paymentus were worth $2,827,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PAY. GSA Capital Partners LLP increased its stake in Paymentus by 38.2% in the third quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock valued at $2,486,000 after acquiring an additional 34,307 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Paymentus by 13.0% in the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock valued at $14,207,000 after acquiring an additional 81,853 shares during the last quarter. Cerity Partners LLC bought a new position in Paymentus in the third quarter valued at $629,000. PDT Partners LLC increased its stake in Paymentus by 39.4% in the third quarter. PDT Partners LLC now owns 48,174 shares of the business services provider’s stock valued at $964,000 after acquiring an additional 13,621 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Paymentus by 196.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,168 shares of the business services provider’s stock valued at $864,000 after acquiring an additional 28,628 shares during the last quarter. Institutional investors own 78.38% of the company’s stock.

Paymentus Stock Down 6.0 %

NYSE PAY opened at $27.42 on Friday. The company has a 50-day simple moving average of $31.89 and a two-hundred day simple moving average of $27.98. The firm has a market cap of $3.42 billion, a price-to-earnings ratio of 88.45 and a beta of 1.66. Paymentus Holdings, Inc. has a 12-month low of $14.77 and a 12-month high of $38.94.

Wall Street Analyst Weigh In

PAY has been the topic of a number of research analyst reports. Wedbush initiated coverage on Paymentus in a research note on Monday, February 3rd. They issued an “outperform” rating on the stock. The Goldman Sachs Group increased their target price on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Robert W. Baird increased their target price on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wells Fargo & Company upped their price target on shares of Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Canaccord Genuity Group lowered shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. Seven investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $30.00.

Insider Transactions at Paymentus

In other news, CFO Sanjay Kalra sold 15,794 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total transaction of $505,250.06. Following the completion of the sale, the chief financial officer now directly owns 466,035 shares in the company, valued at approximately $14,908,459.65. This represents a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total transaction of $98,178.60. Following the sale, the general counsel now owns 94,855 shares of the company’s stock, valued at approximately $3,033,462.90. This represents a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 53,136 shares of company stock worth $1,883,831. Company insiders own 87.76% of the company’s stock.

Paymentus Company Profile

Paymentus Holdings, Inc provides cloud-based bill payment technology and solutions in the United States and internationally. The company offers electronic bill presentment and payment services, enterprise customer communication, and self-service revenue management to billers through a software-as-a-service technology platform.